As for the LLC vs Corp your CPA should be able to direct you  but one important thing to think of before LLC etc is Umbrella Insurance.

I like having an umbrella coverage.  

Home inspection: ThursdayMortgage application: underwayInsurance: agent contacted for insurance and umbrella policy (home is going in personal name for more competitive interest rates).Cleaning pre-tenant: TBDRepairs: none that I’m aware of yetTenant screening, management, and rent collection: either Zillow or cozy.co and will do credit, eviction search, references (personal + past landlords), income verification, plus zoom interview.

Either way you do it, make sure the insurance you have in place (property and umbrella) is sufficient to cover your net worth.I would also not recommend blending your assets in a company with your sister.  

And the sun umbrella in the back yard was 'accidentally moved to her new place.

We both have some assets (current home, 401k, stocks) so we want to be sure we are protected and that it makes sense from a tax perspective and financial since the first rental so cashflow will be minimal.We've talked to different people and some recommend just the Umbrella insurance, to begin with, while others recommend going LLC+Land trust from the beginning.

We both have some assets (current home, 401k, stocks) so we want to be sure we are protected and that it makes sense from a tax perspective and financial since the first rental so cashflow will be minimal.We've talked to different people and some recommend just the Umbrella insurance, to begin with, while others recommend going LLC+Land trust from the beginning.

Should I look into a separate umbrella policy to protect myself as it will not be in an LLC?

Because of this, the best set-up is an LLC with the highest liability coverage you can get plus the highest umbrella coverage you can get. 

Hello,
Interested in hearing how others who have multiple real estate investments have structured their LLCs.
I would like to create a publicly anonymous LLC in Wyoming which serves as a holding company for other re...